Non-Compliance With Audit Norms: ORERA Issues Notice To 285 Odisha Realtors

Bhubaneswar: The Odisha Real Estate Regulatory Authority (ORERA) issued show cause notices to 285 promoters for non-submission of quarterly progress reports of their projects. The defaulting realtors have been asked to explain why they should not be penalised for not complying with the statutory provisions of the Real Estate Regulatory Authority (RERA) Act, 2016.

The step has come after homebuyers complained about delays in the delivery of houses by real estate companies, which are also not complying with mandatory provisions. The regulatory body has so far received 1,244 complaints from aggrieved parties against promoters for non-delivery/delay in delivery of housing plots, houses and amenities as promised in the agreement for sale executed with them.

What the quarterly progress reports (QPR)

• Status of projects for information on buyers who have invested in housing and plotted development projects. The project promoters need to update the QPR on the website of ORERA.
• Details of approval taken or pending with the planning authorities. B
• Submission of audited accounts within six months after the end of every financial year.

The authority had asked all promoters to submit the statutory compliances including pending QPR by October 15 and the annual audit certificate by October 31, 2023. However, 285 promoters have yet not complied with the statutory requirements, according to media reports.

Penalty

Non-submission of QPR within 15 days from the expiry of each quarter will attract a penalty of Rs 5,000 and Rs 10,000 for every subsequent missed quarter.

The amount of penalty is the same for delayed submission of the annual audit account.

In case of failure in payment of the penalty imposed by the regulator, the authority may not grant further extension to the project concerned.